Treasury and Commerce to inherit U.S. Steel veto after Trump exit
The presidential veto tied to the government’s golden share in U.S. Steel will shift to the Treasury and Commerce Departments once the Trump administration ends. The golden share, acquired in a June 2025 transaction with Nippon Steel, grants the president authority to block decisions on employee wages, capital spending and the firm’s name. The Trump administration currently holds equity stakes in 41 companies.
Key facts
- U.S. Steel CEO David Burritt will address the B20 summit hosted by the U.S. Chamber of Commerce.
- Democratic lawmakers requested details from Skadden Arps about its role in the Intel transaction in July.
- The golden share was part of a deal finalized in June 2025 between the U.S. government and Nippon Steel.
- The veto power covers employee salary decisions, capital investment approvals, and the company’s name.
- The administration’s equity portfolio includes holdings in 41 separate firms.
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Why it matters
Control over a major steel producer could influence U.S. industrial policy.
What changed
First published from CNBC